Portside Wealth Group LLC Decreases Stake in General Mills, Inc. (NYSE:GIS)

Portside Wealth Group LLC decreased its holdings in General Mills, Inc. (NYSE:GIS) by 3.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 8,042 shares of the company’s stock after selling 307 shares during the period. Portside Wealth Group LLC’s holdings in General Mills were worth $509,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. MeadowBrook Investment Advisors LLC purchased a new stake in General Mills during the 4th quarter worth $27,000. Rise Advisors LLC grew its stake in shares of General Mills by 199.3% in the first quarter. Rise Advisors LLC now owns 410 shares of the company’s stock valued at $29,000 after buying an additional 273 shares in the last quarter. Capital Advisors Ltd. LLC grew its stake in shares of General Mills by 409.8% in the first quarter. Capital Advisors Ltd. LLC now owns 418 shares of the company’s stock valued at $29,000 after buying an additional 336 shares in the last quarter. RFP Financial Group LLC raised its holdings in shares of General Mills by 66.3% during the 1st quarter. RFP Financial Group LLC now owns 434 shares of the company’s stock valued at $30,000 after buying an additional 173 shares during the period. Finally, Perkins Coie Trust Co lifted its position in General Mills by 769.2% during the 1st quarter. Perkins Coie Trust Co now owns 452 shares of the company’s stock worth $32,000 after acquiring an additional 400 shares in the last quarter. 75.71% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Stifel Nicolaus lowered their price objective on shares of General Mills from $77.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, June 27th. Wells Fargo & Company lowered their price target on shares of General Mills from $70.00 to $67.00 and set an “equal weight” rating for the company in a report on Thursday, June 27th. Evercore ISI cut their price objective on shares of General Mills from $76.00 to $72.00 and set an “in-line” rating on the stock in a report on Friday, June 28th. Bank of America decreased their price objective on shares of General Mills from $70.00 to $68.00 and set a “neutral” rating for the company in a research report on Thursday, June 27th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $70.00 target price on shares of General Mills in a research report on Thursday, June 27th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $69.71.

General Mills Stock Performance

GIS traded up $0.28 on Friday, hitting $69.03. 2,320,963 shares of the company’s stock were exchanged, compared to its average volume of 4,033,532. The company has a current ratio of 0.65, a quick ratio of 0.38 and a debt-to-equity ratio of 1.17. The stock has a fifty day moving average of $65.90 and a two-hundred day moving average of $67.02. General Mills, Inc. has a twelve month low of $60.33 and a twelve month high of $74.45. The firm has a market cap of $38.53 billion, a PE ratio of 16.02, a P/E/G ratio of 3.83 and a beta of 0.09.

General Mills (NYSE:GIS) last announced its quarterly earnings results on Wednesday, June 26th. The company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.99 by $0.02. General Mills had a return on equity of 26.56% and a net margin of 12.57%. The business had revenue of $4.71 billion for the quarter, compared to analysts’ expectations of $4.85 billion. During the same period in the prior year, the firm earned $1.12 EPS. The business’s quarterly revenue was down 6.3% on a year-over-year basis. On average, research analysts anticipate that General Mills, Inc. will post 4.49 earnings per share for the current fiscal year.

General Mills Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Wednesday, July 10th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Wednesday, July 10th. This represents a $2.40 annualized dividend and a dividend yield of 3.48%. This is a positive change from General Mills’s previous quarterly dividend of $0.59. General Mills’s dividend payout ratio is currently 55.68%.

About General Mills

General Mills, Inc manufactures and markets branded consumer foods worldwide. The company operates through four segments: North America Retail; International; Pet; and North America Foodservice. It offers grain, ready-to-eat cereals, refrigerated yogurt, soup, meal kits, refrigerated and frozen dough products, dessert and baking mixes, bakery flour, frozen pizza and pizza snacks, snack bars, fruit and savory snacks, ice cream and frozen desserts, unbaked and fully baked frozen dough products, frozen hot snacks, ethnic meals, side dish mixes, frozen breakfast and entrees, nutrition bars, and frozen and shelf-stable vegetables.